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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Raiffeisen Rent d.o.o. (RRRS)
Project ID
Fiscal year
Guarantee holder
Raiffeisen Zentralbank Österreich AG
Investor country
Host country
Environmental category
Date SPG disclosed
November 13, 2009
Project Board date
December 02, 2009
Gross exposure
 $13.8 million
Project type

View Summary of Proposed Guarantee

MIGA has issued a guarantee of up to $13.8 million covering Raiffeisen Zentralbank Österreich AG’s (RZB) €10 million shareholder loan to its leasing subsidiary, Raiffeisen Rent d.o.o. (RRRS) in Serbia. The coverage is for a period of up to six years against the risks of transfer restriction and expropriation of funds.

The Serbian leasing market is currently feeling the effects of the financial crisis with most leasing entities experiencing a decrease in liquidity. At the same time, the demand for operating leases as an asset financing option continues to increase for small and medium-size enterprises. RZB plans to extend this €10 million loan to allow RRRS to maintain its business by servicing its existing clients and to expand its operations by attracting new clients. This is MIGA’s sixth guarantee in support of RZB’s leasing subsidiaries in Serbia.

This project is expected to contribute to the development of the financial sector in Serbia by improving access to finance, particularly to segments of the economy that are currently underserved. The project will also help meet the increasing demand for leasing as a form of asset financing. The project is consistent with the World Bank Group’s Country Partnership Strategy for Serbia for 2008-2011. The strategy supports the encouragement of private sector-led growth and providing opportunities and broadening participation in growth.

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